Funding arb · Price arb /

XPD

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h −0.001%

Price spread now: Lighter against OKX+0.114%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$790.792% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)−0.118%−$12 · spread now +0.114%, 7d avg +0.015%

Together, before fees−0.201%+ Points / potential airdropLighter: Season 3 · farm board−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.099% dearer against OKX than usual: you sell high and buy low (spread +0.114% now, against its 7-day average of +0.015%): +$10 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XPD-USDT-SWAP	1,312.9	0.0091	pay 0.0091% / 8h	6h 40m	$312K	$470K	50x
Short	Lighter XPD	1,314.4	0.0032	get 0.0004% / 1h	40m 47s	$405K	$154K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee OKXbpFee LighterbpOrdersPrice spread, now +0.114%Rate

Funding earned: −$12.4
Price spread: +0.114% → +0.015%: $9.93
Slippage, 4 orders: −$69.17
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$81.63
Costs to cover: 0.792%
Break-even: never at this rate

Slippage from OKX: live order book, 25 min ago; Lighter: live order book, 19 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy OKX live order book, 25 min ago	1.14 bp	18.1 bp −$18	79.9 bp −$799	doesn't fit	doesn't fit
Sell Lighter live order book, 19 min ago	4.94 bp	22.3 bp −$22	48.6 bp −$486	doesn't fit	doesn't fit

XPD on 17 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance XPDUSDT	0.0000%	4h	1,313.8	+0.065%	$3.8M	$4.4M	100x	as long as short
Gate XPD_USDT	0.0000%	4h	1,313.8	+0.070%	$2.0M	$437K	100x	as long as short
MEXC XPD_USDT	0.0000%	4h	1,313.5	+0.044%	$13.2M	$332K	100x	as long as short
Variational Omni XPD	0.0000%	4h	1,313.2	+0.026%	$544K	$14K	—	as long as short
SunX XPD-USDT	0.0000%	4h	1,311.3	−0.123%	—	$1.9M	10x	as long as short
HTX XPD-USDT	0.0000%	4h	1,315.1	+0.169%	$10K	$33K	20x	as long as short
gTrade (Gains Network) XPD/USD	L +0.0008% / S −0.0007%	1h	1,311.1	−0.138%	—	—	—	as long as short
Aster XPDUSDT	+0.0008%	4h	1,313.1	+0.019%	$27K	$12K	20x	as long as short
edgeX XPDUSDC	+0.0019%	4h	1,315.3	+0.186%	$38K	$205K	10x	as long as short
Lighter XPDshort	+0.0032%	1h	1,314.4	+0.114%	$405K	$154K	20x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective XPD/USDC PERP	+0.0033%	1h	1,332.8	+1.516%	$16K	$20K	52x	as long as short
tradeXYZ xyz:PALLADIUM	+0.0050%	1h	1,311.8	−0.084%	$2.7M	$512K	20x	as long as short
BloFin XPD-USDT	+0.0058%	4h	1,317.3	+0.334%	$30K	$20K	100x	as long as short
Bitget XPDUSDT	+0.0068%	4h	1,313.3	+0.029%	$5.0M	$220K	100x	as long as short
OKX XPD-USDT-SWAPlong	+0.0091%	8h	1,312.9	long leg	$312K	$470K	50x
KuCoin XPDUSDTM	+0.0100%	4h	1,312.6	−0.023%	$171K	$5K	75x	as long as short
GRVT XPD_USDT_Perp	+0.0508%	4h	1,315.1	+0.168%	$340K	$822K	25x	as long as short